President Bush has announced that he's deferring contracts to fill the Strategic Oil Reserve "in order to get more oil in the market and help reduce rising gasoline prices".
Since everything he says like this is a lie or misdirection, I wondered what was going on here.
The Strategic Oil Reserve is normally filled with "royalties in kind" (ie. a percentage of oil pumped from US-owned oil fields.)
It looks to me as if he's allowing the oil companies to profit from selling US-owned oil at extremely high prices, and they will then give us some oil later when the prices are low. In other words, it's another gift to oil companies. If instead the US accepted ownership of the oil owed to the government and sold it immediately, the treasury would benefit instead of the oil companies.
I'm open to evidence this isn't what's happening, but I'm so pessimistic about the Bush presidency that it's the sort of corruption I expect.